Motivated by psychological evidence that shows the public experiences emotional distress in response to the deaths of popular figures, I employ the deaths of 1,391 Hollywood Walk of Fame celebrities as natural experiments to identify exogenous public mood changes over the period 1926–2009. Consistent with the psychological theories which maintain that sadness encourages individuals to favor high-risk/high-reward investments, I find that U.S. stock returns are abnormally high immediately after the death of a major celebrity. This effect is particularly large during periods of high market-level uncertainty (+0.40%) and for stocks headquartered in the city where the celebrity died (+0.26%).

中文翻译：

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好莱坞大道上的非随机漫步：名人死亡和投资者情绪

受心理证据的启发，公众在应对流行人物的死亡时会经历情绪困扰，我将 1,391 名好莱坞星光大道名人的死亡作为自然实验来确定 1926 年至 2009 年期间的外生公众情绪变化。与认为悲伤会鼓励个人倾向于高风险/高回报投资的心理学理论一致，我发现在一位重要名人去世后，美国股票的回报立即异常高。这种影响在市场高度不确定性 (+0.40%) 和总部位于名人去世城市的股票 (+0.26%) 期间尤为明显。